Delaney files bankruptcy valuing IMRF asset at $2.3 million

Former St. Clair County clerk Bob Delaney and wife Janet filed for bankruptcy last month valuing assets at $2,539,139 and liabilities of $417,584.

He valued his greatest asset, an Illinois Municipal Retirement Fund pension, at $2.3 million, according to a petition filed May 15.

Retirement fund spokesman John Krupa said he doesn’t know how Delaney came up with that value.

He said the total of each member’s assets is the sum of the member’s contributions.

Delaney had worked in the public sector for approximately 34 years. He quit his job last June, leaving behind sexual harassment claims that cost county taxpayers $665,000.

While employed he earned approximately $100,000 per year.

Krupa said members who leave their jobs can obtain refunds of their own contributions but not the employer’s contributions or the earnings from investment.

He said $2.3 million could be the actuarial value of Delaney’s pension.

“That is not relevant to the refund he could get,” Krupa said.

Delaney departed his position as overseer of elections just as Commerce Bank obtained an order garnishing his wages in satisfaction of a second mortgage around $86,000.

This year, JP Morgan Chase Bank foreclosed the mortgage on the home he and wife Janet own, 48 Woodford Way in Collinsville, with a debt around $238,000.

The bank set it for public auction on May 16, however, the bankruptcy petition filed a day earlier canceled the auction, but apparently did not save the home.

The petition indicates that the property will be surrendered.

Among other things, the petition shows:

- More than $100,000 in unsecured loans, about half of that in a student loan;

- Secured debt of $11,286 on two vehicles worth $9,500;

- Unsecured personal loans of $9,600 from Green Tree Financial in Palatine, $5,000 from Bank of O’Fallon, and $1,000 from Bank of Edwardsville;

- A $6,500 personal loan from Edna Farnen of O’Fallon;

- $12,700 in charges from four credit cards;

- 29 debts for medical services totaling $9,660;

- A $4,300 debt to Calhoun Construction of Belleville for repair services; and

- $70 food debt to Imo's Pizza.

It doesn’t give the date when each claim was incurred, although the blank form of the petition offers a box for the date.

In 2012, the couple jointly earned $159,610.

Janet now makes $5,311 a month as an auditor, according to the petition, and she brings home $3,574 after deductions.

That equals about half of their current monthly expenses listed at $7,016.